Non-GAAP net income and earnings per share exclude stock based compensation expense, amortization related to the Sunstone and Wanwei acquisitions, amortization of debt discount and issuance cost, loss on early extinguishment of debt and gain on the embedded derivative value on convertible notes. Adjusted EBITDA is a non-GAAP measure which provides earnings before interest, taxes, depreciation and amortization and excludes loss on early extinguishment of debt and gain on the embedded derivative value on convertible notes. Please refer to the financial tables provided in this news release for a reconciliation of GAAP results to non-GAAP results for the three and nine month periods ended September 30, 2008 and 2009.
On September 30, 2009, the Company had $13.2 million of cash and $10.6 million of notes receivable, totaling approximately $23.8 million. All notes receivables are guaranteed by established banks in China and have maturities of six months or less. Additionally, $7.6 million of other receivables is due from Alliance Unichem in August of 2010.
Financial Results for the Nine Months Ended September 30, 2009
For the nine months ended September 30, 2009, revenue increased 34.7% to
$105.4 million from $78.2 million in the first nine months of 2008. During
this same time period, gross profit increased 33.1% to $50.7 million from
$38.1 million. Income from operations increased 120.5% to $4.4 million,
compared to $2.0 million in the first nine months of 2008. Non-GAAP net income
was $4.6 million, or $0.10 per diluted share, compared to $3.1 million, or
$0.08 per diluted share, in the prior year period. On a GAAP basis, the
Company reported a net loss of $3.9 million, or ($0.10) per share, compared to
$4.9 million, or ($0.13) per share, in the first nine months of 2008. Adjusted
EBITDA was $9.0 million, compared to $7.4 millio
|SOURCE BMP Sunstone Corporation|
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